Insulation Coating Materials Market : Opportunities And Challenges

PUNE, India, 2019-Oct-30 — /EPR Network/ — The insulation coating materials market size was USD 8,739.2 million in 2018 and is projected to register a CAGR of 7.5% between 2018 and 2023.

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How are the developments in emerging markets creating an opportunity for market growth?

In recent years, the chemical industry has witnessed high growth in developing regions and steady growth in developed markets. The chemical and other industries in the developed economies such as the US and Europe have attained maturity. The rapid industrialization, improving standards of living, huge population base, and large workforce, in the emerging economies of APAC and the Middle East & Africa, are prompting higher purchase of construction materials and automobiles. This trend is expected to drive the insulation coating materials market.
Environmental norms on the volatile organic compound (VOC) in coatings are expected to be more stringent during the forecast period in Asian countries. Development of environmentally friendly products to meet these specific requirements could further boost demand.

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APAC is the largest hub for automobiles, in terms of production as well as sales. India, South Korea, and Vietnam are projected to drive the demand for automobiles in the region. The lower crude oil prices support the automotive industry growth. Hence, the demand for automotive insulation coating materials is projected to be the highest in the countries from APAC, followed by the Middle East.

Is the competition with traditional insulation materials challenging the market growth?

The traditional insulation systems such as fiberglass and mineral wool are proven to provide better thermal performance than the insulation coating materials. Therefore, the manufacturers need to develop products with superior thermal insulation capabilities.

The existing insulation coating materials are highly costly. The technology used for coating is also expensive, making the entire coating process a costly affair. The development of a low-cost insulation coating will help to reduce the overall cost of coating and increase the market attractiveness. Currently, there are no cost-competitive products available in the market, which have a similar level of effectiveness as traditional insulation materials. Therefore, developing a cost-effective coating is a challenge for the market.

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